New York’s share of US millionaires dramatically declined in recent years, causing a nearly $11 billion loss in much-needed tax revenue in just one year, according to a bombshell new analysis. From 2010 to 2022, the share of millionaires went from 12.7% to 8.7%.
So, the middle class will be left holding the debt promised by politicians to their socialist and communist donors.
A new study shows that Zohran Mamdani’s plan will chase even more out of New York City. From the study:
- New York has lost more population to every state than it has gained from them, with Florida and Texas among the biggest recipients of former New Yorkers.
- After seeing a mass exodus during the coronavirus pandemic, New York City’s population rebound in 2023 and 2024 was driven by international immigrants.
- A “growth corridor” from New York City and Long Island to Albany largely drives the state’s economy, with upstate and other rural regions hemorrhaging workers.
- The Empire State leads the nation in state and local tax collections, with per capita collections of $12,495 – 78% above the US average.
There is talk of them continuing to tax New Yorkers even after they are gone.
Zohran ran on affordability but as the people who pay most of the bills leave, it will become far less affordable.
